Apple chief executive Tim Cook earned roughly $4.25 million in salary and bonus for 2013, up slightly from last year.
In its annual proxy filing with the U.S. Securities and Exchange Commission Friday, Apple said that Cook’s total compensation for the fiscal year ending on Sept. 28 included a base salary of $1.40 million and a performance bonus of $2.8 million. Cook’s total compensation was just 2 percent higher than last year, when he earned $4.17 million, including a base salary of $1.36 million.
Cook, who has served as CEO for more than two years since August 2011, did not receive stock-based compensation in 2013 or 2012. His salary over the past two years has been quite modest compared to the $378 million he took home in 2011, when he was awarded one million restricted Apple shares after taking over for Steve Jobs as the company’s CEO.
Most other Apple executive officers, including CFO Peter Oppenheimer and SVPs Eddy Cue, Dan Riccio, and Jeffrey Williams, earned roughly $2.6 million in salary and bonus in 2013. As competition heats up with heavyweights Google and Samsung, Apple has been particularly generous with executive salaries over the past few years. Four of the five highest-paid employees at Standard & Poor’s top 500 companies last year were senior executives at Apple, Bloomberg reported in April.
Meanwhile, the proxy filing noted that activist investor Carl Icahn plans to offer a proposal at Apple’s Feb. 28 shareholder meeting urging the company to buy back at least $50 million of its own shares during the fiscal year ending on Sept. 27, 2014. Apple’s board recommended shareholders reject Icahn’s proposal, noting that the competitive landscape of the tech industry requires ”unprecedented investment, flexibility and access to resources.”
”While the board and management oppose this shareholder proposal, they are fully committed to returning cash to shareholders,” the company added.